Many people have heard of the term debt counselling, but don’t really know what it is or means.
According to the National Credit Regulator (NCR), debt counselling is one of the debt-relief measures available in South Africa and provided for in the National Credit Act.
This process is intended to assist over-indebted consumers struggling with debt through budget advice, negotiation with credit providers for reduced payments, and the restructuring of debts.
In a nutshell – if you are not coping with your debt and you are found to be over-indebted, a debt counsellor can liaise with your credit providers to lower your interest rates and subsequently your monthly instalments, and then make these reduced payments an order in a court of law.
Money
This will give you more money…
